Global demand for liquid silicone rubber (LSR) is on course to reach $3.29bn (€2.94bn) by 2025, according to a report by Grand View Research Inc.
Market revenue reached $1.5bn (€1.34bn) in 2015 and is expected to grow at a CAGR of 7.9% from 2016 to 2025, according to the study.
The market, it said, is being driven particularly in the medical and electronics industries as well as ageing populations and new material developments.
Medical was the fastest growing segment over the forecast period with an estimated CAGR of around 9% from 2016 to 2025. Global LSR revenue in medical applications was $285.6m (€256m) in 2015.
LSR applications in the medical sector include implants & devices, equipment parts such as sterilised parts, valves, skin contact devices and infusion pumps.
Industrial grade LSR was the largest segment in grade category in 2015 and held 53.5% of the overall market revenue. This area is forecast to generate revenue over $1.7bn (€1.5bn) by 2025.
Industrial grade LSR was the largest segment in grade category in 2015 and held 53.5% of the overall market revenue, the report noted. The automotive sector, it added, includes major applications in manufacturing of LED headlights, wiper blades and several other electronic components.
By region Asia Pacific is projected to witness rapid growth over the next decade owing to various developments across major economies, especially in the automotive and electronics industry. The regional LSR market is expected to grow at a CAGR of 8.6% from 2016 to 2025.